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Corporate law and governance, financial transaction taxes

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Financial infrastructure and financial market regulation


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FFMS Still Unclear on Forex Regulation

21.09.2012 20:32 / Interfax

Federal Financial Market Service (FFMS) has not taken a clear standpoint on Forex market regulation, FFMS Head Dmitry Pankin told the press at Sochi International Investment Forum.

"I would rather not state the position of the service at present", he said.

Pankin added that he is principally in favour of giving forex companies dealer licenses instead of specialized licenses, a market participants` idea.

"I do not have a final verdict yet, but I share this view, it seems logical to license them as brokers", he said.

The Russian Ministry of Finance has recently prepared draft regulations for Forex. Deputy Finance Minister Alexey Savatyugin said in early September that the ministry proposes a license for Forex participants which is similar to a dealer`s license.

"Our draft proposal is basically introducing a separate license for Forex market participants, which is similar to a licensed security market participant dealer`s license, there is a minimum capital requirement, disclosure requirement, all the prerequisites for a security market participant, including financial reporting", he said at the time.

National Stock Market Participants Association (NAUFOR) is planning to draft Forex regulation proposals, said NAUFOR Head Alexey Timofeev. "We support the idea of licensing this business as dealing. However, a special dealer`s license seems redundant", he said.

FFMS has reported online earlier that the draft regulation tender will be finished by the end of the month.

Project Group №1Dmitry PankinAlexei SavatyuginAlexey Timofeev